University of South Florida’s efforts to encourage innovation and economic development are paying off. A Washington Economics Group study shows USF’s innovation and economic development efforts have a statewide economic impact of more than $400 million annually.
The bulk of the money, $395 million, stays in the Tampa Bay region, where some 1,550 people are directly employed, the study reveals. An additional 1,467 people work for partner organizations and businesses that serve USF innovation operations, resulting in a combined household income of $149 million.
The study was commissioned by USF and the Florida High Tech Corridor, a partnership of more than 25 local and regional Economic Development Organizations and 14 state and community colleges. It focused on the impact of USF Research Park, Tampa Bay Technology Incubator, which hatches new businesses; and Technology Transfer Office, which handles patents, copyrights and other intellectual property rights issues.
“This helps us understand ourselves and how we can contribute to the rest of the community and business in the area,” says Paul Sanberg, USF’s Senior VP for Research, Innovation and Economic Development. “I thought it was important to do. ... We work so hard on the invention part and the education part that we don’t really see the bigger picture.”
About 80 percent of the jobs are in Knowledge-Based Services, including life sciences, information technology, financial services, professional and administrative services. This sector also effects tourism, real estate, transportation and other key areas of the economy, the report says.
The report asserts USF support efforts are “critical” to the economy in Florida and the Tampa region. “USF’s Innovation Enterprise’s commercialization activities add significantly to the high-wage job creation in targeted State industries such as life sciences,” it says.
The USF System has a $4.4 billion annual economic impact on the Tampa Bay Region, with 15,243 employees in Tampa, St. Petersburg and Sarasota-Manatee, says Vickie Chachere, Director of Strategic Communications for USF Research and Innovation.
Universities have fostered innovation as corporate-funded research has declined. “At USF, leading edge research and entrepreneurship are ingrained in its culture. USF’s TBTI is currently home to over 60 resident and affiliate companies, with 58 percent of these companies directly coming from the USF’s TTO as spinouts,” the study notes. “The mentorship and resources from the TTO and the TBTI are key to the success of many of these startups.”
The report is “a pretty significant recruitment tool,” says Chachere. “This is everybody’s success story.”